Moody’s assigns (P)A1 to IS (Hong Kong) notes

Moody’s Investors Service said it assigned a provisional (P)A1 rating to the credit enhanced dollar-denominated bonds to be offered by IS (Hong Kong) Investment Ltd.

The bonds will be supported by an irrevocable standby letter of credit from Industrial and Commercial Bank of China Ltd., Fujian Provincial Branch.

The (P)A1 rating of the bonds is based on ICBC’s counterparty risk assessment. The bonds will be fully supported by an irrevocable dollar-denominated letter of credit, which is an unsecured and unsubordinated obligation of ICBC.

IS (Hong Kong) may from time to time offer further bonds provided certain conditions have been met, including that the bonds are supported by a letter of credit issued by ICBC.

The issuer is a wholly owned subsidiary of Industrial Securities (Hong Kong) Financial Holdings Ltd. Moody’s does not rate the issuer and its parent.

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